Home Highlights January 2018 Year 2018 This

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1. Levy of penalty- Fraudulent issuance of GDRs by the Company - the imposition of penalty upon the appellant after 12 years from date of resigning is excessive. In a large...

2. Reduction of penalty - no reason whatsoever is given for reducing the penalty from ₹ 20 lakhs to ₹ 1 lakh except observing that it "appears to be excessive"....

3. Small service provider exemption - determination of turnover not exceeding ₹ 10 lakhs - the amount of services rendered to SEZ unit should be reduced to arrive at...

4. Gratuity exemption u/s Section 10(10)(iii) - exemption limit raised to ₹ 25 lakhs

5. Compounding of offences relating to contravention - The quantum of penalty specified by the ROC in his report furnished maximum penalty prescribed under the relevant...

6. Penalty u/s 271B - threshold limit for getting its account audited u/s 44AB - Business activity or professional activity - gross receipts were only ₹ 42 lakhs -...

7. Presumptive income - enhancement of threshold limits - U/s 44AD if 95% of gross receipts and payments through no-cash mode than limit of presumptive taxation increased...

8. Professional misconduct by CA - The NFRA concluded that the actions of the firm and the engagement partner constituted professional misconduct. They failed to cooperate...

9. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

10. Imposition of penalty u/s 114 AA of Customs Act for abatement - Textile Broker - allegation that appellant facilatated in inflating the FOB value for the purpose of...

11. Detention of goods alongwith vehicle - e-way bill had expired/lapsed - As for penalty, the petitioner enjoys the benefit of Circular no.10 of 2019 dated 31.05.2019 where...

12. Penalty u/s 271AAB - Defects in the notice issued u/s 274 - CIT(A) reduced the penalty to 10% applying provisions of Section 271AAB(a) of the Act as against penalty...

13. Quantum of penalty levied under Section 114 (iii) of the Customs Act, 1962 - fraudulent export as goods were grossly undervalued - the appellant has acted only on the...

14. The case involves non-compliance with FSSAI Regulations regarding imported areca nuts. The appellant seeks re-export due to inferior quality. The impugned goods were...

15. Professional Misconduct - The reports issued in form 10 DA u/s 80 JJAA of Income Tax Act by the Chartered Accountant - failure to obtain sufficient appropriate evidence...